Bank of Baroda Signs Pact with Mahindra & Mahindra for Tractor Finance Business

With the aim to push agriculture finance, Bank of Baroda (BoB) said that it has entered into a deal with Mahindra and Mahindra for tractor finance business.

Bank of Baroda, through its 5,000 plus rural and semi-urban branch network, would offer tractor loan facility to the customers of Mahindra & Mahindra.

Vikramaditya Singh Khichi, BoB Executive Director said that this MoU (memorandum of understanding) would give a boost to agriculture business and also help cultivators in getting hassle-free credit facilities for purchasing tractors.

Khichi said that the tractor financing scheme was first piloted in Uttar Pradesh zone for one year and was very successful too. He further added that this is being expanded into eleven zones of the bank.

BoB has associated with Gromax under the Mahindra stable as the preferred brand, Khichi told.

Besides this he said that the bank is focussing on dairy sector self-help groups as well as farmer producer organisations (FPOs) to expand the agriculture finance portfolio.